Savings

Michigan Heritage Bank offers a complete array of savings, CD’s, IRA and Money Market accounts, each designed with the flexibility you need to save in a way best suited to your needs. We offer convenient and rewarding savings plans built around competitive interest rates – so you get the most for your money.

Savings Accounts

• Competitive interest rates
• $250 minimum balance to avoid low balance fee (Waived for UGMA accounts)
• Low $5.00 quarterly statement fee
• An ideal way to begin saving for your future

Certificates of Deposit

Certificate of deposit accounts from Michigan Heritage Bank allow you the flexibility you need to gain the highest interest on your money. Choose from 3, 6, 12, 18, 24, 36, 48 and 60 month CD’s with interest rates and Annual Percentage Yields that are among the highest in the Metropolitan Detroit Area. $500 minimum investment.

IRA Accounts

An individual retirement account (IRA) from Michigan Heritage Bank is an easy way to save for retirement. With an IRA, you accumulate funds on a tax-deferred basis, allowing your savings to grow more rapidly. Anyone under the age 70 1/2 who is employed can establish an IRA. Annual contributions of up to $2,000 or 100% of your compensation (whichever is less) can be invested and earn interest free of current income taxes. All or part of your contribution may be tax deductible, offering even more savings.

• Contributing to your IRA may be made at any time during the calendar year. You do not have to make contributions to your IRA each year.

• Funds may be withdrawn without penalty upon reaching age 59 1/2, or earlier in the case of death or disability. You must begin withdrawing funds after age 70 1/2.

• You can contribute your funds by mail or by visiting any Michigan Heritage Bank branch location, with a check, cash or via transfer form another Michigan Heritage account.

Your Michigan Heritage Bank representative will be happy to discuss in further detail options available to you, including rollovers, and transfers, tax deferments, investment options, deposit insurance, and other retirement options.

Flexibility - The high interest rate you earn is set at the time you open the account, and remains the same until maturity. And you can withdraw any or all the interest you have earned at any time, without penalty. Principal withdrawals are also allowed before maturity, with a penalty for early withdrawal.

Security - A certificate of deposit accounts at Michigan Heritage Bank is insured to the full amount allowed by law by the Federal Deposit Insurance Corporation (FDIC) and backed by the full faith and credit of the United States Government. It may also be possible to obtain increased coverage by establishing a variety of account ownership types such as individual, joint or trust accounts.

Money Market Account

• Excellent interest rate, compounded monthly

• $2,500 minimum balance to avoid low balance fee and earn higher interest rate. If minimum balance is not maintained, the interest rate will be reduced.

• Three checks per month (6 total third party POS, ACH withdrawals). Additional Checks and withdrawals $5.00 each.

• Totally liquid account

Premier Money Market

• Premium rate on deposits over $25,000/$50,000/$100,000

• $7.50 charge on balances below $2,500

• Four tiered account – interest compounded monthly.

• Three checks per month (6 total third party POS, ACH withdrawals). Additional checks and withdrawals $5.00 each.

• Totally liquid account

fastPHONE Telephone Banking

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Call (800) 914-3524 today.